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HDV vs. IQDY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDV vs. IQDY

Last updated Jun 23, 2026

HDV (iShares Core High Dividend ETF) and IQDY (FlexShares International Quality Dividend Dynamic Index Fund) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while IQDY is a Foreign Large Cap Equities fund tracking the Northern Trust International Quality Dividend Dynamic Index. Both are passively managed. Over the past 10 years, HDV returned 9.31%/yr vs 12.55%/yr for IQDY. A 0.55 correlation means they provide meaningful diversification when combined. HDV charges 0.08%/yr vs 0.47%/yr for IQDY.

Performance

HDV vs. IQDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core High Dividend ETF (HDV) and FlexShares International Quality Dividend Dynamic Index Fund (IQDY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HDV achieves a 12.57% return, which is significantly lower than IQDY's 21.47% return. Over the past 10 years, HDV has underperformed IQDY with an annualized return of 9.31%, while IQDY has yielded a comparatively higher 12.55% annualized return.

HDV

1D
0.15%
1M
-2.65%
YTD
12.57%
6M
12.67%
1Y
19.54%
3Y*
14.97%
5Y*
10.90%
10Y*
9.31%

IQDY

1D
0.69%
1M
5.64%
YTD
21.47%
6M
22.60%
1Y
45.79%
3Y*
25.94%
5Y*
12.74%
10Y*
12.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HDV vs. IQDY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HDV
iShares Core High Dividend ETF		12.57%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%
IQDY
FlexShares International Quality Dividend Dynamic Index Fund		21.47%37.44%5.97%23.45%-15.78%12.00%9.54%27.27%-20.04%24.06%

Correlation

The correlation between HDV and IQDY is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.19

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (5Y)
Calculated over the trailing 5-year period

0.49

Correlation (10Y)
Calculated over the trailing 10-year period

0.55

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2013

0.55

Over the past year, the correlation between HDV and IQDY has dropped to 0.19 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

HDV vs. IQDY - Sectors Allocation Comparison

Sectors
HDV
IQDY

Consumer Defensive

24.5%
3.4%

Healthcare

22.6%
5.3%

Energy

20.2%
6.6%

Consumer Cyclical

9.2%
8.7%

Utilities

8.1%
3.0%

Communication Services

5.7%
3.3%

Financial Services

4.7%
25.5%

Industrials

3.5%
13.8%

Basic Materials

0.8%
7.9%

Technology

0.2%
21.3%

Real Estate

-

1.2%

Consumer Defensive

HDV
24.5%
IQDY
3.4%

Healthcare

HDV
22.6%
IQDY
5.3%

Energy

HDV
20.2%
IQDY
6.6%

Consumer Cyclical

HDV
9.2%
IQDY
8.7%

Utilities

HDV
8.1%
IQDY
3.0%

Communication Services

HDV
5.7%
IQDY
3.3%

Financial Services

HDV
4.7%
IQDY
25.5%

Industrials

HDV
3.5%
IQDY
13.8%

Basic Materials

HDV
0.8%
IQDY
7.9%

Technology

HDV
0.2%
IQDY
21.3%

Real Estate

HDV

-

IQDY
1.2%

Compare stocks, funds, or ETFs

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iShares Core High Dividend ETF

FlexShares International Quality Dividend Dynamic Index Fund

Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY
Often compared with IQDY:
IQDY vs. VYMIIQDY vs. IQDGIQDY vs. DVYEIQDY vs. IDHQIQDY vs. IEIIQDY vs. VXUSIQDY vs. SCHD

Return for Risk

HDV vs. IQDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDV
HDV Risk / Return Rank: 6464
Overall Rank
HDV Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 6666
Sortino Ratio Rank
HDV Omega Ratio Rank: 5757
Omega Ratio Rank
HDV Calmar Ratio Rank: 7777
Calmar Ratio Rank
HDV Martin Ratio Rank: 6060
Martin Ratio Rank
IQDY
IQDY Risk / Return Rank: 8585
Overall Rank
IQDY Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
IQDY Sortino Ratio Rank: 8484
Sortino Ratio Rank
IQDY Omega Ratio Rank: 8585
Omega Ratio Rank
IQDY Calmar Ratio Rank: 8484
Calmar Ratio Rank
IQDY Martin Ratio Rank: 8585
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HDV vs. IQDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and FlexShares International Quality Dividend Dynamic Index Fund (IQDY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

HDVIQDYDifference
Sharpe ratioReturn per unit of total volatility
1.99
2.74

-0.75

Sortino ratioReturn per unit of downside risk
2.92
3.60

-0.67

Omega ratioGain probability vs. loss probability

1.34

1.50

-0.16

Calmar ratioReturn relative to maximum drawdown

3.79

4.42

-0.63

Martin ratioReturn relative to average drawdown

10.39

17.10

-6.71

HDV vs. IQDY - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 1.99, which is comparable to the IQDY Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of HDV and IQDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HDV vs. IQDY - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, smaller than the maximum IQDY drawdown of -39.60%. Use the drawdown chart below to compare losses from any high point for HDV and IQDY.

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Drawdown Indicators

HDVIQDYDifference

Max Drawdown

Largest peak-to-trough decline

-37.04%

-39.60%

+2.56%

Max Drawdown (1Y)

Largest decline over 1 year

-5.18%

-10.42%

+5.24%

Max Drawdown (3Y)

Largest decline over 3 years

-10.49%

-14.76%

+4.27%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

-32.30%

+16.88%

Max Drawdown (10Y)

Largest decline over 10 years

-37.04%

-39.60%

+2.56%

Current Drawdown

Current decline from peak

-2.65%

0.00%

-2.65%

Average Drawdown

Average peak-to-trough decline

-3.08%

-9.07%

+5.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

2.69%

-0.80%

Volatility

HDV vs. IQDY - Volatility Comparison

The current volatility for iShares Core High Dividend ETF (HDV) is 3.37%, while FlexShares International Quality Dividend Dynamic Index Fund (IQDY) has a volatility of 6.49%. This indicates that HDV experiences smaller price fluctuations and is considered to be less risky than IQDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HDVIQDYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.37%

6.49%

-3.12%

Volatility (6M)

Calculated over the trailing 6-month period

7.52%

14.49%

-6.97%

Volatility (1Y)

Calculated over the trailing 1-year period

9.87%

16.81%

-6.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.80%

17.97%

-5.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.74%

18.38%

-2.64%

HDV vs. IQDY - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is lower than IQDY's 0.47% expense ratio.

Dividends

HDV vs. IQDY - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 2.94%, more than IQDY's 2.89% yield.

PositionTTM20252024202320222021202020192018201720162015
HDV
iShares Core High Dividend ETF		2.94%3.22%3.67%3.82%3.56%3.47%4.07%3.27%3.67%3.27%3.28%3.92%
IQDY
FlexShares International Quality Dividend Dynamic Index Fund		2.89%3.26%6.95%6.45%5.52%3.89%2.62%3.85%5.97%3.57%3.77%4.08%

Frequently Asked Questions

HDV and IQDY have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IQDY has higher volatility (6.49%) compared to HDV (3.37%). In terms of maximum drawdown, HDV dropped -37.04% vs IQDY's -39.60%.

On 10-year performance, IQDY leads with 12.55% vs 9.31% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IQDY has performed better with a 12.55% return vs 9.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HDV is cheaper with a 0.08% expense ratio, compared with 0.47% for IQDY.

HDV has the higher dividend yield at 2.94%, compared with 2.89% for IQDY.

HDV is categorized as Dividend, while IQDY is Foreign Large Cap Equities. HDV tracks Morningstar Dividend Yield Focus Index, while IQDY tracks Northern Trust International Quality Dividend Dynamic Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.08% for HDV and 0.47% for IQDY.

IQDY currently has the higher Sharpe Ratio (2.74 vs 1.99), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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